Banks Can Now Treat Blockchains Like SWIFT, ACH

Happy Tuesday, Blockfolians

The Lede

In what some are calling the biggest crypto regulatory news ever, a new interpretive letter from the Office of the Comptroller of the Currency has suggested that federally regulated banks should be treating blockchain networks like existing payment rails including SWIFT and ACH. Additionally, they can be considering using stablecoins as a settlement solution.

The news broke last night and Crypto Twitter just about lost it:

Now, of course, there is some controversy around the OCC and its leader, former Coinbase legal chief Brian Brooks. It is an open question about whether his nomination for a new 5-year term will even be voted upon.

Still, this feels like a genie-out-of-the-bottle moment that will have ripple effects for a very, very long time.

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Highly Relevant Reading

Community Commentary

Another good take (this one from Kraken) on why the new proposed wallet regulations are bad for regulators
A really interesting argument that the OCC’s rules have big implications for the geopolitical CBDC game

A Really Big Number We Should Be Paying Attention To


That’s a new price prediction from JPMorgan - a far cry from some of their earlier <ahem> thoughts on BTC

Final Thought

Is Bitcoin a religion?